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Model Note · C G V A K SOFTWARE & EX L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
C G V A K SOFTWARE & EX L Discounted cash flow · base FY26
C G V A K SOFTWARE & EX L
Value per share, this model₹231
CMP 2026-09-10₹148.70
Difference55.4%
Growth the CMP implies(17.6)%/yr
This note states the assumptions and the arithmetic of one model of C G V A K SOFTWARE & EX L, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-3.5% a year
FY26 (3.5)% · 5-yr CAGR 11.0%
EBITDA margin
17.8%
FY26 17.8% · 5-yr average 19.5%
Depreciation · capex, % of revenue
1.8% · 0.5%, fading to 1.2× depreciation
FY26 1.8% · 0.5%
Working capital, % of added revenue · tax
13.1% · 27%
48 working-capital days · effective 27.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
0.51 crore
0.51 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
74
72
69
67
64
62
growth %
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
EBITDA
13
13
12
12
11
11
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
9
8
8
8
8
7
less capex
(0)
(0)
(1)
(1)
(1)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
10
9
8
8
7
Present value
9
8
7
5
5
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · C G V A K SOFTWARE & EX L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
33
PV of the terminal value (70% of EV)
76
Enterprise value
110
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
117
÷ 0.51 crore shares
₹231
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
238
253
271
293
321
10.5%
222
234
249
267
289
11.0%
208
219
231
246
263
11.5%
196
205
216
228
242
12.0%
186
194
203
213
225
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
